Firm58 a financial management software provider, today announced its selection by Nyse Euronext to provide the online presentation and invoicing system for equities trading on the New York Stock Exchange, Nyse Arca and Nyse Amex, as well as options trading on Nyse Arca and Nyse Amex.
The new billing facility provides members with self-service access to daily balances, historical data, and trade-by-trade level detail. Firm58's Software as a Service (SaaS) solution manages the publication and invoice processes for more than 1,000 member firms of NYSE Euronext's U.S. markets.
"The new online facility is a tremendous benefit to our members, providing greater flexibility, efficiency and transparency in the billing process," said Bob Airo, senior vice president for market operations at NYSE Euronext. "With this web-based solution, our members have easy access to the information they need - in cluding trade-level detail and historical data for all of their transaction-based invoices. The Firm58 Portal has greatly improved our invoicing distribution and efficiency."
"Billing is a strategic component of any trading operation as it represents an opportunity to interact with clients," said Sam Mele, co-founder and managing director at Firm58. "Leading-edge firms are beginning to realize that it's advantageous and cost-effective to outsource key horizontal processes such as billing. The results are significantly reduced costs, improved client satisfaction and fee transparency. We are proud to be the billing choice for NYSE Euronext, delivering automated bill publication and online access to financial and trade data."